Hoffman won an Academy Award in 2006 for his starring role in "Capote" and has been nominated for an Oscar four times. He received an Emmy in 2005 for HBO's "Empire Falls."

The Reporter said "Trending Down" had been described as a dark comedy that skewers youth-obsessed U.S. culture and what it means for a person to matter -- or not.

Showtime is expected to formally announce the new series at next week's Television Critics Association press tour in Beverly Hills, The Reporter said. It will be the third series picked up by Showtime this year.